NIO (09866.HK) shares plummeted 5.27% during Friday's intraday trading session, significantly underperforming the broader Hong Kong market amid renewed U.S.-China trade tensions and mounting pressure in the electric vehicle (EV) sector.
The sharp decline in NIO's stock price came as Hong Kong's benchmark Hang Seng Index fell 1.2%, while the Hang Seng Tech Index dropped 2%. The market-wide selloff was primarily triggered by news that a U.S. federal appeals court temporarily reinstated President Donald Trump's sweeping tariffs, reversing a previous ruling that had blocked these duties.
NIO's steeper decline compared to the overall market suggests company-specific or sector-specific factors at play. The EV market in China continues to face intense competition, as highlighted by Li Auto's recent earnings report. While Li Auto saw a 6% jump in its stock price following better-than-expected quarterly profits, it also guided for softer revenue growth ahead, signaling ongoing challenges in the overcrowded Chinese EV market. This competitive landscape appears to be weighing heavily on NIO and its peers, with XPeng also experiencing a 2% drop during the same trading session.
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